Debt Settlement Attorney

You Might Have to Face These Questions from Bankruptcy Trustee

Filing for bankruptcy results in a lot of paperwork. You need to ensure your income; assets and your debts are in order. Filing for bankruptcy results in a creditors meeting (also known as 341 hearing) where you are required to provide confirmation for any information you have given.  The meeting is attended by you and your attorney, your bankruptcy trustee and even your creditors. According to Dallas based bankruptcy law firm Recovery Law Group, the bankruptcy trustee can ask you questions to find out details of your bankruptcy estate. The entire proceeding takes place under oath, so you [...]


Avoid Making These Mistakes During Bankruptcy Filing

A common man does not always think of preparing for the worst. Therefore, many people are often at their wit's end when difficult financial situation plagues them. Though bankruptcy is the best option to get rid of unsurmountable debts, Dallas based bankruptcy law firm confirm people are often unaware of what they should or shouldn’t do when filing for bankruptcy. Having an adept bankruptcy attorney by your side can be an asset during tough financial times. Contact 888-297-6023and consult with the best legal minds to know what to do prior to a bankruptcy filing. It is very [...]


Different Categories of Debts During Bankruptcy

Bankruptcy can be a complicated process especially when the filer possesses different kinds of debts. Classifying the debts in the right order or priority might seem simple but is a very complicated process. These debts can be replaced by a phrase called ‘lender claims’ or ‘creditor claim’. The first step to this complicated process is to segregate debt between secured and unsecured debts. Secured means debts which have a lien or a security backing in the form of collateral. You will use Schedule D to list such secured creditors. While unsecured debts are debts which are given without [...]


Automatic Stay – Way to Stop Your Creditors

One of the best advantages that bankruptcy can offer debtors is an automatic stay. this puts an immediate end to all collection actions and any civil lawsuit filed against you by the creditors, government or collection agencies. The upside of the automatic stay as per Los Angeles based bankruptcy law firm Recovery Law Group  is that it can help you prevent being evicted or protect your property from being repossessed or foreclosed on, utilities being disconnected or wage garnishment. For more information on automatic stay, call 888-297-6023 and speak with expert bankruptcy lawyers. What can automatic stay prevent? The [...]


What is the “Best Effort” Requirement in Chapter 13 Bankruptcy?

Individuals who cannot qualify for Chapter 7 bankruptcy, have the option of filing for bankruptcy under Chapter 13, where a repayment plan is made to pay off your creditors. According to Los Angeles based bankruptcy law firm Recovery Law Group, confirmation of the repayment plan takes place after you show your “best efforts” to pay back your creditors. This is also known as the disposable income test, wherein your disposable income will be used to clear your dues. Filing of a repayment plan in case of Chapter 13 bankruptcy is followed with its review by the bankruptcy trustee [...]


Foreclosure and Bankruptcy

Foreclosure is a very stressful condition and it requires immediate assistance. Foreclosure is not always right and there can be scenarios when it can be easily prevented. A talk or a piece of advice from an experienced attorney can do wonders on most days. Log on to Recovery Law Group to reach out the best attorneys in town to help you or your friend out in case of a foreclosure. The consultation offered is not only confidential but is very professional too. Foreclosure basically means an exercise of a right by the lender to acquire, liquidate or sell [...]


What Impact Does Low Bankruptcy Filing in Los Angeles has?

Most of the people living in cities like Los Angeles and Dallas, TX face the dilemma of whether to file for bankruptcy or not. In the last decade, there were quite a large number of people who used to file up for bankruptcy to overcome their debt. However, this number has rapidly declined in the past few years to such an extent that it has reached to lowest of the past 10 years. According to the statistics shown by the United States Bankruptcy Court, the number of bankruptcy filings in Central district of California has dropped down to [...]


Increase in Bankruptcy Filings Among Retirees

It is rather a sad state of affairs that Los Angeles is one of the cities that has an increase in the number of bankruptcy filings from the citizens who are above 55 years of age. This number has only doubled since 1994. Despite the need to rest after years of employment, the country witnesses this stupendous rise of close to twenty percent of the total bankruptcy filings to be of the retirees. But experts say that it isn’t surprising – the failure of the individuals (close to 32%) in setting aside a retirement amount is the major [...]


Criminalizing Private Debts

There are criminal proceedings on defaulters on the debts that they owe to creditors. Let’s take a scenario where the debtor has fallen sick and has missed out on the payments that he/ she regularly makes. The notices about missed payments have just been ignored since the debtor is away on treatment. The piled up debt now invites court hearings – the intimations of these too have not been attended to and this eventually turns out to issuing of warrants for the arrest of the debtor for the failed payments. This is not a surreal scenario and can [...]


Foreclosure, Bankruptcy and Creditor Harassment

Who wouldn’t want a guide on how to handle bankruptcies and make wise decisions with their financial struggles? The book, Consumer Defense: A Tactical Guide to Foreclosure, Bankruptcy, and Creditor Harassment: The Luxury of the Informed, is a guide that is greatly welcomed by individuals and business owners. The authors, Ahmad T. Sulaiman, and Matthew H. Hector have laid down the concepts of consumer law in such a simplified format that it is easily understood by anyone. Lawyers and non-lawyers find this guide to be quite beneficial and it isn’t an understatement to say that this guide has [...]

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